Raleigh retail rents surge despite little change in employment
![Graph of Raleigh retail space rental rates and retail employment from 2020 to 2023](/documents/191207401/194951568/Data+Bite+-+Raleigh+Retail+Asking+Rent+and+Employment_fnl+%281%29.png/1b290ebd-1b8f-61b5-77b2-7cd64a209bb6?t=1698680154307)
- The total number of retail trade employees in Raleigh has remained significantly lower (just under 15,000) than the peak it reached in Q1 of 2021 at nearly 16,000 employees.
- Asking rental rates have climbed substantially during the same period — while they were below $20 sf in Q1 of 2021, they reached $22.43 in Q2 of 2023.
- These differences suggest that although retail hiring may be gaining momentum slowly, demand for retail space remains very strong in Raleigh.
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